Investment Rating - The investment rating for the company is "Outperform the Market" [6][10]. Core Views - The company reported a revenue of 2.282 billion yuan in 2023, a decrease of 13.5% year-on-year, with an adjusted operating profit of 139 million yuan, down 39.7%, and an adjusted net profit attributable to shareholders of 106 million yuan, down 44.1% [6][9]. - In Q4 2023, the revenue was 630 million yuan, an increase of 0.9% quarter-on-quarter, with an adjusted operating profit of 26 million yuan and an adjusted net profit of 14 million yuan [8][10]. - The company launched a lightweight basic package in Q3 2023, stabilizing contract liabilities at 796 million yuan, which remained flat quarter-on-quarter [7][10]. - The company has established a headhunting cooperation network platform, covering over 1,500 headhunting firms, with 70% participating in order delivery, enhancing its market position [10]. Summary by Sections Financial Performance - 2023 revenue was 2.282 billion yuan, down 13.5% year-on-year, with a net profit of 106 million yuan, down 44.1% [6][9]. - Q4 2023 revenue was 630 million yuan, with enterprise and individual income contributing 548 million yuan and 82 million yuan respectively [8][10]. User Growth and Product Development - The company registered 1.294 million enterprise users in 2023, an increase of 14.5%, with 72,000 paying enterprises, up 1.9% [7][8]. - The introduction of lightweight products reversed the decline in paying enterprise users seen in the first half of 2023 [7]. Financial Projections - Revenue projections for 2024-2026 are 2.43 billion yuan, 2.644 billion yuan, and 2.898 billion yuan respectively, with expected growth rates of 6.5%, 8.8%, and 9.6% [10][12]. - Adjusted net profits for the same period are projected to be 175 million yuan, 245 million yuan, and 305 million yuan [10][12]. Valuation and Market Position - The company is expected to have a reasonable market value range of 2.1 to 2.6 billion yuan, with a target price of 4.0 to 5.0 yuan per share [10][12]. - The company maintains a strong market barrier through its focus on high-end recruitment, positioning itself as a "niche" player in the industry [7][10].
公司年报点评：4Q收入转正，静待中高端招聘市场回暖